Market news: Are CNY homebuyers on the fence?

“It’s not common. We are experiencing our spring market early. We had a huge supply of homes, and people were buying them, and we are actually experiencing not quite a shortage, but close.”

Re says that this is true for the whole Central New York real estate market, and the changing tide should definitely propel sellers to take the leap.

“If the sellers wait until spring, they’re going to have more competition because there are going to be more homes on the market, and if the rates are higher they are going to have less buyers,” he said. “For those two reasons, right now is the best time to buy and the best time to sell. Not as much competition right now and there are more buyers out there looking. I’ve been in real estate for 34 years, and this is the first time I’ve seen it. It’s almost like the perfect storm for both buyers and sellers.”

Dan Bargabos, a fourth generation contractor and the founder and president of Heritage Homes, views the changing Central New York real estate market from a builder’s perspective.

“What is most significant is the number of resales that are available. It’s gone down considerably from a year ago,” Bargabos said. “To me, that’s a good indicator that the market’s improving. We’ve definitely seen a pickup in our sales and the quality of our sales, and I think a big reason is that we haven’t been overbuilding. Our inventory of new homes in CNY has been well kept and checked.”

Though living rooms have normally been regarded as areas of family gatherings and fun times, the modern buyer has little demand for them. “The number 1 difference is that we are pretty much seeing an end to living rooms,” said Bargabos. “We are building very few homes with living rooms. We are allocating the space and putting it into larger kitchens, eating areas, and family rooms. Even [in the case of] a 4,000-square-foot house, we are building without a living room. It’s just a room that isn’t used.”